FX.co ★ Portugal Inflation Slips to 1.9% in January

Portugal's annual inflation rate dipped to 1.9% in January 2026, down from 2.2% in the previous month, marking its lowest point since March, according to preliminary estimates. The reduction was primarily due to decreased pressures in food prices and ongoing deflation in the energy sector. Specifically, unprocessed food inflation slightly decreased to 5.8% from 6.1%, and processed food inflation eased to 0.8% from 1.0%. Energy prices continued their decline at -2.2%, compared to -2.4% earlier. Core inflation, which excludes energy and unprocessed food, also declined to 1.8% from 2.1%, indicating a broader disinflationary trend. Simultaneously, the EU-harmonized HICP fell to 1.9% from 2.4%, positioning inflation just below the European Central Bank's 2% target.